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Author Topic: Biggest Jobs Report Miss Ever  (Read 195 times)

Ben

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Biggest Jobs Report Miss Ever
« on: May 07, 2021, 11:56:14 AM »

Today's jobs report was the biggest miss vs expectations ever in the jobs report. 266K instead of the million expected. The unemployment rate went up to 6.1%, with over 7 million jobs waiting to be filled. Good job on the "nobody should have to work if they don't want to" stuff there, 46.

It looks like several states are going to step in and cut unemployment benefits to get people off their asses. When people in places like San Francisco are making enough on unemployment to not have to work, you're paying too much Federal unemployment.

Quote
Economists were hoping for a figure roughly 1 million jobs larger ó making this the biggest miss, relative to expectations, in the history of the payrolls report.

https://twitchy.com/dougp-3137/2021/05/07/charles-payne-cites-april-jobs-report-to-congratulate-biden-on-hitting-tip-of-progressive-utopia-iceberg/
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K Frame

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Re: Biggest Jobs Report Miss Ever
« Reply #1 on: May 07, 2021, 12:05:46 PM »

Huh. Well, it's not having much of an effect on the stock markets today...
Carbon Monoxide, sucking the life out of idiots, 'tards, and fools since man tamed fire.

Ben

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Re: Biggest Jobs Report Miss Ever
« Reply #2 on: May 07, 2021, 12:07:56 PM »

Huh. Well, it's not having much of an effect on the stock markets today...

This market is nuts. I have been very scared, and have slowly been taking all my covid profits and turning them into sideline cash. Right now I'd rather lose a little money to inflation than a lot of money when this thing comes crashing down. I'll reinvest during the crash, whether that's next month or next year.
"I'm a foolish old man that has been drawn into a wild goose chase by a harpy in trousers and a nincompoop."

French G.

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Re: Biggest Jobs Report Miss Ever
« Reply #3 on: May 07, 2021, 12:11:19 PM »

We are going to need Billy Mays to announce bad economic news for the next few years.
AKA Navy Joe   

I'm so contrarian that I didn't respond to the thread.

Boomhauer

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Re: Biggest Jobs Report Miss Ever
« Reply #4 on: May 07, 2021, 12:53:00 PM »

The local commies are crying over our gov ordering the cutting of benefits.

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Holy hell. It's like giving a loaded gun to a chimpanzee...

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the last thing you need is rabies. You're already angry enough as it is.

OTOH, there wouldn't be a tweeker left in Georgia...

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WLJ

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Re: Biggest Jobs Report Miss Ever
« Reply #5 on: May 07, 2021, 01:05:40 PM »

When people in places like San Francisco are making enough on unemployment to not have to work, you're paying too much Federal unemployment.


About that
Just identify as an artist. If you're really good you may be able to pull off the other or even both.

Mayor London Breed says San Francisco is implementing guaranteed income for artists and Pacific Islander mothers
https://twitchy.com/brettt-3136/2021/05/05/mayor-london-breed-says-san-francisco-is-implementing-guaranteed-income-for-artists-and-pacific-islander-mothers/
« Last Edit: May 07, 2021, 01:18:22 PM by WLJ »
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K Frame

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Re: Biggest Jobs Report Miss Ever
« Reply #6 on: May 07, 2021, 02:37:41 PM »

Biden says weak jobs report shows need for even MORE Gubmint handouts...

https://www.cnbc.com/2021/05/07/weak-jobs-report-shows-the-need-for-massive-jobs-and-families-bills-biden-says.html

What the literal *expletive deleted*ck.

If you want people to work right now you don't give them so much that it's worth more to them to not work.
Carbon Monoxide, sucking the life out of idiots, 'tards, and fools since man tamed fire.

WLJ

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Re: Biggest Jobs Report Miss Ever
« Reply #7 on: May 07, 2021, 02:43:37 PM »

Biden says weak jobs report shows need for even MORE Gubmint handouts...

https://www.cnbc.com/2021/05/07/weak-jobs-report-shows-the-need-for-massive-jobs-and-families-bills-biden-says.html

What the literal *expletive deleted*ck.

If you want people to work right now you don't give them so much that it's worth more to them to not work.

As long as the fish keep biting they'll keep putting a worm on the hook
Never Underestimate The Power Of The Stupid Side

grampster

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Re: Biggest Jobs Report Miss Ever
« Reply #8 on: May 07, 2021, 03:06:19 PM »

The Democrats are not interested in people working.  They have a harder time controlling those who are not sucking at the government teat.
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Ron

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Re: Biggest Jobs Report Miss Ever
« Reply #9 on: May 07, 2021, 04:33:32 PM »

This is the Democrats, maybe they will find 2 million jobs overnight while we're sleeping.
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Bogie

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Re: Biggest Jobs Report Miss Ever
« Reply #10 on: May 07, 2021, 10:24:07 PM »

I need to hire bodies in the auto parts store.
 
You don't need to be a mechanic. I wasn't.
 
You don't need to know a whole helluva lot about cars. I still don't.
 
You do need at least minimal customer service skills, and the ability to speak a complete sentence to a customer without using the word <bleep>.
 
We're so hosed. No online apps are coming in, and when Junior's parents find out that he'll start at minimum wage, like everyone else, they go into corner office mode. Or the retired people figure that it isn't worth the hassle.
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zahc

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Re: Biggest Jobs Report Miss Ever
« Reply #11 on: Today at 01:21:55 AM »

Around here, every single small business has signs out that they are hiring. Stories running in the paper about places can't get any applicants. I don't know what to think about it.
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dogmush

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Re: Biggest Jobs Report Miss Ever
« Reply #12 on: Today at 03:57:29 AM »

I need to hire bodies in the auto parts store.
 ......

We're so hosed. No online apps are coming in, and when Junior's parents find out that he'll start at minimum wage, like everyone else, they go into corner office mode. Or the retired people figure that it isn't worth the hassle.

I may have found your problem......

Ben

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Re: Biggest Jobs Report Miss Ever
« Reply #13 on: Today at 08:26:15 AM »

I may have found your problem......

Certainly minimum wage comes into play. In Idaho the minimum wage is $7.25 (same as fed minimum wage), so I can certainly see someone taking the unemployment incentives over that.

However, I'm not sure how many Idaho businesses actually pay that. As zahc alluded to, there are signs everywhere with businesses looking for employees, and the local news reports that owners are upping wages to the $11-$12 starting range for restaurant employees. Lets say that with tips they are then making in the ~$15 range. People are still refusing those jobs. The salary isn't good for someone in San Francisco, but it's certainly liveable for someone in Idaho, outside of certain areas.

While travelling through CA a couple of weeks ago, I stopped at the In and Out in Auburn, CA, a smaller city North of Sacramento. They had a sign out looking for employees and had a starting wage of $21/hr. For a part time burger job usually filled by teens. Since  I don't think (under 18) teens can collect unemployment, there might be other factors keeping workers away. A quick gazoogle shows In and Out's normal starting wage is $14.18/hr.

"I'm a foolish old man that has been drawn into a wild goose chase by a harpy in trousers and a nincompoop."

Boomhauer

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Re: Biggest Jobs Report Miss Ever
« Reply #14 on: Today at 09:02:08 AM »

Around here, every single small business has signs out that they are hiring. Stories running in the paper about places can't get any applicants. I don't know what to think about it.

On the enhanced COVID unemployment my brother in law who is a waiter was bringing home MORE  than I make as a skilled heavy equipment mechanic. My mother in law who was let go at the start of COVID from her job as a massage therapist office promoter where she was getting paid $15/hr is still not working and makes the same on unemployment as I do working my ass off. Iíve been so *expletive deleted*ing pissed off for a year my blood pressure is high
Quote from: Ben
Holy hell. It's like giving a loaded gun to a chimpanzee...

Quote from: bluestarlizzard
the last thing you need is rabies. You're already angry enough as it is.

OTOH, there wouldn't be a tweeker left in Georgia...

Quote from: Balog
BLOOD FOR THE BLOOD GOD! SKULLS FOR THE SKULL THRONE! AND THROW SOME STEAK ON THE GRILL!

dogmush

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Re: Biggest Jobs Report Miss Ever
« Reply #15 on: Today at 09:11:01 AM »

I was talking specifically to Bogie, who wants (presumably) someone that can pass a drug test, is polite and presentable to customers that by his own Facebook stories treat counter people like crap.

I'm pretty sure he's not setting the starting wage himself, but he's looking for more than minimum work skills, and offering, literally, minimum wage.  Does the availability of "free" money make it so there are less people willing to do that job at that price?  Sure, but if they were offering $12-$14 an hour, I suspect they'd have enough applicants they could afford to fire underperformers.

I am beginning to suspect that the restaurant server/counterperson/waitstaff shortage has less to do with a bunch of people on unemployment, and at least partly to do with folks are unwilling to do that crap job for that pay.  Having seen too many "Karen" video's lately I'm not sure they're wrong.

FWIW this site gives you an interactive map that lets you see the max unemployment (with and without extra COVID pay).  It looks like Missouri, with COVID bump, works out to about $15.50/hr break even (assuming a 40hr work week.)  Any Overtime would change that number.